- The CEO of Binance Changpeng Zhao says that the company is an equity investor in Elon Musk’s Twitter deal.
- The company joined other equity investors including Barclays, Bank of America, Qatar Investment Authority, etc to complete the purchase.
- The move has raised the excitement of crypto enthusiasts as they foresee partnerships between Twitter and digital assets.
Elon Musk has completed the long-awaited Twitter takeover valued at $44 billion and he did it with the help of the world’s largest cryptocurrency exchange, Binance.
The CEO of Binance Changpeng Zhao has confirmed the role played by the exchange in Elon Musk Twitter takeover. The company revealed that it invested $500 million as part of its “contribution to the cause.” Binance’s $500 million equity investment makes it the fourth biggest contributor to the purchase of Twitter.
Zhao has expressed his delight with the development and says the company intends to merge social media with web3.
“We’re excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.”
In May, Binance indicated interest to co-invest in Twitter alongside 18 other investors and pledged to back Musk. Zhao restated the company’s $500 million commitment this week in the build-up to the purchase and announced on Thursday that it has wired the funds to perfect its end of the deal.
Binance joins other investors including Fidelity Management and Research, Qatar Investment Authority, and Sequoia Capital among others in concluding the purchase of the social media giant.
Elon Musk completed the deal late on Thursday and has started shaking up things at Twitter including letting go of top executives less than 24 hours in charge.
The perfect partnership
Musk’s indication of interest to buy Twitter has sparked diverse reactions from various blocs. The crypto community has been excited about the deal viewing it as the perfect partnership for the global adoption of digital assets. Binance and other firms investing in the deal show that web3 policies will be pushed by the company.
Digital asset enthusiasts already await Musk’s plan for web3 on Twitter as he has expressed previously that he plans on incorporating Dogecoin (DOGE) as a payment method on Twitter. On the eve of Twitter’s acquisition, DOGE spiked over 20% with bulls anticipating a run to surpass its all-time high in the coming months.
Furthermore, Musk has been a loud critic of Twitter bots and has stated his plans to get rid of them in his agenda. His job has been made easier as Binance has offered a way to use cryptocurrencies to tackle Twitter bots.